- SideChannel is focused on providing top-tier security guidance services at manageable cost through its team of expert vCISOs and vCPOs
- The company’s experts provide clients with risk assessments that ensure cybersecurity compliance and guide them in the development of effective cybersecurity programs
- Most corporate board members and top managers do not have cyber-related expertise, yet they are required to oversee and address their company’s cyber risks
- To bridge the information gap, boards and management need the guidance of security experts such as CISOs
- Through its team of vCISOs, SideChannel is providing affordable cybersecurity-oriented services that meet the critical needs of company management and boards
A large proportion of company board members, as well as managers, are not cyber experts, yet they are mandated to understand and make strategic decisions regarding cyber risk and solutions. In particular, various studies have revealed low confidence levels in the ability of boardroom directors to fully be aware of a company’s cybersecurity vulnerabilities. For instance, a 2022 PwC study noted that only 33% of directors feel their board truly understands the company’s cybersecurity vulnerabilities (https://ibn.fm/C59KD). Similarly, a recent WSJ Pro Cybersecurity Research report found that only 30% of directors rate their board’s ability to oversee a cyber crisis highly (https://ibn.fm/knIH0).
Boards, together with high level management, can nevertheless improve their abilities to recognize and address cyber risks. To achieve this, board members need access to security expertise, along with robust information and reporting, and active engagement with company leadership. Moreover, company boards need to better support their organizations in establishing effective cybersecurity risk management programs, according to the findings of the PwC report.
The report lays out four main proposals intended to help boards better undertake their cyber risk oversight role: ensure cyber risk is embedded in the company’s strategic decisions and culture; understand the cyber risk management program; monitor cyber resilience; and rethink the board’s cyber oversight approach. Central to the effectiveness and success of these proposals is the role of Chief Information Security Officers (“CISOs”).
For instance, the report recommends that CISOs should have a seat at the table whenever boards are addressing strategic decisions and the company’s plan. CISOs should also help boards assess current and emerging risks and track the progress of the risk management programs. Finally, boards should hold private sessions with CISOs who will walk the directors through top risks, risk mitigation programs, and more using digestible and clearly articulated points.
Unfortunately, hiring skilled full-time in-house CISOs can be prohibitively expensive, especially for small and mid-sized businesses (“SMBs”). In addition, good CISOs are in high demand, making it hard to find, hire, and retain one. To deal with this, boards need to play an efficient oversight role and, in cases where they do not have the necessary expertise, have a constantly available source of expertise.
For SideChannel (OTCQB: SDCH), a company founded with the belief that all companies deserve top-tier security guidance at a manageable cost, this suggests a huge need for affordable cybersecurity-related expert services.
SideChannel has a team of expert virtual CISOs (“vCISOs”) and virtual Chief Privacy Officers (“vCPOs”) who help companies build resilient cybersecurity and privacy programs, respectively. Leveraging years of actual enterprise experience, SideChannel’s vCISOs provide clients with risk assessments that ensure cybersecurity compliance and help them develop a strategic vision, allocate resources, and create protocols to maintain an effective cybersecurity program.
And when called upon, SideChannel’s vCISOs can brief investors, boards, and company management. Speaking in a recent interview with Bell2Bell’s Stuart Smith (https://ibn.fm/Sz3fN), SideChannel CEO Brian Haugli attributed this to the trust built between its team of experts and its clients. In fact, the company has seen that trust increase over time. “Technically, we’re a third-party vendor, but we’re trusted so much that we are talking to the investors, maybe the private equity (‘PE’) team behind the company, and definitely the board in the leadership about what to do. We are also in front of our customers’ customers, telling them about the security posture because they are asking about it,” Haugli explained (https://ibn.fm/K4gKn).
It is common knowledge that addressing cyber risk is increasingly challenging for companies and their boards, as the threat environment becomes more complex. SideChannel is providing access to expertise through experienced vCISOs, a dependable and consistent source of critical information and experience, enabling companies and boards to understand the cyber environment, develop and track the progress of cybersecurity programs, and embed elements of cyber risk mitigation into all of their strategic decisions and plans. When it comes to cybersecurity, a few steps now can prevent a world of regret later.
For more information, visit the company’s website at www.SideChannel.com.
NOTE TO INVESTORS: The latest news and updates relating to SDCH are available in the company’s newsroom at https://ibn.fm/SDCH